Weekly news Snippet - Edition 24
Poornatha (Business & Leadership Education Company)
Business and Leadership Education Company
I. MSME:
1.?MSME offerings:
Axis Bank on 21st Sept, announced a new banking offering ‘NEO for Business’ for MSMEs to cater to their real, current, and emerging transaction banking requirements. The services include digital self on-boarding, GST-compliant invoicing, 360° customer view, end-to-end transaction tracking and more.1
2.?Green finance for MSMEs:
SIDBI offers 100% funding for MSMEs’ green projects. “We are ready to extend 100% loan at an interest rate as low as 7-8% (depending on their credit ratings) to install rooftop and ground-mounted solar rooftop power projects,” Jay Kumar Gupta, a Deputy General Manager of SIDBI said at an MSME financing event here on 18th Sept.2
3.?MSME Jobs:
India's Udyam MSME registration portal, with 2.7 crore registered businesses, has facilitated nearly 14 crore jobs, including 88.84 lakh jobs in 76.72 lakh units registered through the Udyam Assist Platform (UAP) launched by the government.3
II. Banking:
1. Full Automation for Rural Banks:
Finance Minister, Nirmala Sitharaman, on 19th Sept called for full automation of regional rural banks and cooperative banks, and directed the Department of Financial Services to study the gap between loan sanction and disbursement for these lenders.4
2.?New initiatives:
Indian Bank announced roll out of 'IB SAATHI' initiative aimed at providing an integrated ecosystem for all stakeholders in the financial sector through the business correspondent route. The bank's Managing Director and CEO, Shantilal Jain, launched the initiative at their corporate office.5
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III. Finance:
1.?IIFL Group:
IIFL Group has no plans to become a bank. “We have to revalidate whether it makes sense to become a bank, because you can digitally connect with fintech partners and banks. Right now, we don’t have plans to become a bank, but we will evaluate it at the right time” said Mr. Nirmal Jain, founder of IIFL group and Managing Director of IIFL Finance.6
2. Liquidity in banking:
Liquidity in the banking system has slipped into its deepest deficit in almost six months, inflating borrowing costs, as outflows due to corporate advance taxes and the Reserve Bank of India's likely actions to stabilize the rupee have drained lenders of funds.7
**Logos and images obtained from the internet
Bibliography:
1.??????? financialexpress.com/business/sme-axis-bank-launches-transaction-banking-solution-for-msmes-3250149/
2.??????? financialexpress.com/business/sme-sidbi-offers-100-pc-funding-for-msme-green-projects-3247635/
3.??????? abplive.com/business/msme-jobs-over-14-crore-msme-jobs-reported-on-govts-udyam-protal-1630993